Chinese stock SOS announces it will buy $50 million in bitcoin, opens with 47.19 per cent surge

Nov. 27 (Bloomberg) -- NYSE-listed Chinese company SOS Ltd. has announced that its board of directors has approved a plan to invest $50 million in the purchase of bitcoin (BTC), aiming to strengthen its blockchain industry footprint.SOS said the plan not only reflects long-term confidence in bitcoin as a strategic reserve asset, but also hopes to use it to optimise its investment portfolio and enhance the company's digital asset sector SOS will use a diversified quantitative trading strategy, including investing, trading and arbitrage, to reduce the risk of market volatility and achieve solid returns.

SOS, with a market capitalisation of around $9.16 million, has surged 47.19% since the opening of trading today, perhaps on the back of this news.